Atalanta Sosnoff Capital LLC Invests $2.35 Million in Citigroup Inc. $C

Atalanta Sosnoff Capital LLC bought a new position in Citigroup Inc. (NYSE:C) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 20,100 shares of the company’s stock, valued at approximately $2,345,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Summit Financial LLC boosted its position in Citigroup by 13.3% during the 4th quarter. Summit Financial LLC now owns 29,351 shares of the company’s stock worth $3,425,000 after acquiring an additional 3,456 shares during the period. Circle Wealth Management LLC boosted its stake in shares of Citigroup by 5.3% during the 4th quarter. Circle Wealth Management LLC now owns 2,504 shares of the company’s stock worth $292,000 after acquiring an additional 125 shares in the last quarter. Keynote Financial Services LLC acquired a new position in shares of Citigroup during the 4th quarter worth about $202,000. Castleark Management LLC raised its holdings in Citigroup by 50.7% in the 4th quarter. Castleark Management LLC now owns 117,464 shares of the company’s stock valued at $13,707,000 after acquiring an additional 39,520 shares in the last quarter. Finally, Advisors Asset Management Inc. raised its holdings in shares of Citigroup by 11.9% in the 4th quarter. Advisors Asset Management Inc. now owns 74,074 shares of the company’s stock worth $8,644,000 after buying an additional 7,858 shares in the last quarter. Institutional investors and hedge funds own 71.72% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on C shares. Jefferies Financial Group started coverage on Citigroup in a research report on Thursday, March 26th. They issued a “buy” rating and a $135.00 price objective on the stock. Wells Fargo & Company boosted their price target on Citigroup from $160.00 to $162.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 29th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $139.00 target price on shares of Citigroup in a research report on Wednesday, April 15th. The Goldman Sachs Group boosted their price objective on shares of Citigroup from $137.00 to $151.00 and gave the company a “buy” rating in a research report on Wednesday, April 15th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Citigroup from $131.00 to $135.50 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $137.62.

Insiders Place Their Bets

In related news, insider Edward Skyler sold 25,000 shares of the company’s stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $131.41, for a total transaction of $3,285,250.00. Following the sale, the insider owned 182,022 shares of the company’s stock, valued at $23,919,511.02. This represents a 12.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director John Cunningham Dugan sold 2,117 shares of the company’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $125.30, for a total transaction of $265,260.10. Following the sale, the director directly owned 12,194 shares in the company, valued at approximately $1,527,908.20. The trade was a 14.79% decrease in their position. The SEC filing for this sale provides additional information. 0.11% of the stock is currently owned by corporate insiders.

Citigroup News Roundup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup launched tokenized Digital Depositary Receipts, creating a new blockchain-based way for clients to gain exposure to private companies and for issuers to tap liquidity, reinforcing Citi’s push into next-generation capital markets. Citigroup Is Rolling Out Tokenized Shares of Private Companies
• Positive Sentiment: Related coverage said Citi is expanding access to private markets with tokenized private-share trading, which could open a new fee-generating business line and strengthen its innovation story with large clients. Citigroup Expands Access to Private Markets With Tokenized Depositary Receipts
• Positive Sentiment: Trump praised Citigroup and CEO Jane Fraser as a top M&A adviser, which helped fuel momentum and reinforced confidence in Citi’s investment banking comeback. Citigroup shares outperform down market after Trump endorsement
• Positive Sentiment: Citi also continued building out its consumer and retail investment banking franchise with a new managing director hire, suggesting management is still investing in growth areas. Citi hires Ryan Beaupré as MD in consumer and retail investment banking push
• Neutral Sentiment: Citi completed the sale of its Polish consumer banking business, continuing its multi-year retreat from underperforming overseas markets. This supports simplification, but it also shows ongoing shrinkage in some international operations. Citi’s overseas retreat advances with sale of Polish business
• Neutral Sentiment: Reports that regulators are probing banks’ use of AI could raise compliance scrutiny for the sector, but there was no Citi-specific issue mentioned. Bank Regulators Probe Industry Use of AI

Citigroup Price Performance

Shares of NYSE:C opened at $139.68 on Friday. The stock has a market cap of $238.23 billion, a PE ratio of 17.31, a PEG ratio of 0.62 and a beta of 1.12. The company’s fifty day moving average is $127.34 and its 200 day moving average is $118.06. Citigroup Inc. has a 52 week low of $76.11 and a 52 week high of $141.12. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.59.

Citigroup (NYSE:C) last announced its quarterly earnings results on Tuesday, April 14th. The company reported $3.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.63 by $0.43. The business had revenue of $24.63 billion for the quarter, compared to analyst estimates of $22.96 billion. Citigroup had a net margin of 9.35% and a return on equity of 9.19%. The company’s revenue was up 14.1% on a year-over-year basis. During the same quarter last year, the firm earned $1.96 EPS. Research analysts anticipate that Citigroup Inc. will post 10.68 earnings per share for the current year.

Citigroup Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Monday, May 4th were given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date was Monday, May 4th. Citigroup’s dividend payout ratio is presently 29.74%.

Citigroup announced that its Board of Directors has authorized a stock buyback plan on Thursday, May 7th that permits the company to repurchase $30.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 13.7% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Citigroup Profile

Citigroup Inc is a global financial services company headquartered in New York City with roots tracing back to the City Bank of New York, founded in 1812. The modern Citigroup was created through the 1998 merger of Citicorp and Travelers Group and has since operated as a diversified bank holding company that provides a broad range of banking and financial products and services to consumers, corporations, governments and institutions worldwide.

Citi’s principal businesses include retail and commercial banking, credit card and consumer lending products, wealth management and private banking, and a full suite of institutional services.